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Problem - Richard Gibbs began a business called Richard's Shoe Repair.
1. Create T accounts for Cash; Supplies; Richard Gibbs, Capital; and Utilities Expense. Identify the following transactions by letter and place them on the proper side of the T accounts:
a. Invested cash in the business, $6,500.
b. Purchased supplies for cash, $700.
c. Paid utility bill, $2,700.
2. Foot the T account for cash and enter the ending balance.
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